Anadarko sells Marcellus assets to Alta Resources

12/22/2016

HOUSTON -- Anadarko Petroleum has agreed to sell its operated and non-operated upstream assets and operated midstream assets in the Marcellus shale of north-central Pennsylvania to Alta Marcellus Development, LLC, a wholly owned subsidiary of Alta Resources Development, LLC, for approximately $1.24 billion. The midstream assets in the Marcellus owned by Western Gas Partners, Anadarko's sponsored master limited partnership, are excluded from the agreement.

"With this transaction, we have announced or closed monetizations totaling well in excess of $5 billion in 2016, while principally focusing Anadarko's U.S. onshore activities on our world-class oil-levered assets in the Delaware and DJ basins," said Al Walker, Anadarko's chairman, president and CEO. "Our Marcellus team has done a superb job of maximizing the value of our position in this natural gas play, and we are grateful for their efforts and dedication."

The Marcellus shale divestiture includes approximately 195,000 net acres and, at the end of the third quarter of 2016, sales volumes from these properties totaled approximately 470 MMcfd.

The transaction is expected to close during the first quarter of 2017.

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